OPEN-SOURCE SCRIPT
Long Wick Trial
I've created this as a confirmation indicator to help know when market conditions are favorable to enter a trade. It measures volume, volatility, and ATR. It is not intended to tell you when to enter/exit the market, but use it with another indicator such as the mirror macd to filter out many losses and avoid entering the market during low volume or excessive volatility that may trip your stop loss.
Green = Favorable Market conditions
Yellow = Enter with caution, the market is moving sideways but is slightly trending
Orange = Enter with caution, the market is trending but extremely volatile and may trip stop loss early
Black = Shouldn't enter market here, market is moving sideways and volume is also low.
Green = Favorable Market conditions
Yellow = Enter with caution, the market is moving sideways but is slightly trending
Orange = Enter with caution, the market is trending but extremely volatile and may trip stop loss early
Black = Shouldn't enter market here, market is moving sideways and volume is also low.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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